The short-term Elliott wave view in BTCUSD suggests that the decline from March 28, 2022, High is unfolding as an impulse structure favoring some more downside. Down from 03/28/2022 high, wave (1) ended in 5 waves at $38550 low. Wave (2) ended at $42974 high, and wave (3) ended in 5 waves at $25384 low. Then above there, the pair made a bounce in wave (4) in a shorter cycle. The internals of that bounce unfolded as a double three structure.
Whereas the initial 3 waves bounce to $31420 ended wave W. Then a pullback to $27953 low-ended wave X. Up from there, the pair started the Y leg higher & reached $323770. The pair got rejected within that area & ended Y leg at $32370 high thus completing the wave (4) bounce. Below from there, we believe wave (5) has started lower where Miner degree wave 1 ended at $29258 low. And wave 2 ended at $31540 high. Near-term, as far as bounces fail below $31540 high and more importantly below $32370 high the pair is expected to see more downside towards $23780- $21114 inverse 123.6%- 161.8% Fib ext area of (4) minimum. Before the pair completes its 5 waves impulse sequence from March/28/2022 high & does a bounce.